Financial Performance - Revenue for the six months ended June 30, 2019, was AU$22,271,000, an increase from AU$19,742,000 in the same period of 2018, representing a growth of 7.7%[9] - Gross profit for the period was AU$5,328,000, compared to a gross loss of AU$2,175,000 in the prior year, indicating a significant turnaround[9] - Profit before tax was AU$2,700,000, a substantial improvement from a loss of AU$5,301,000 in the previous year[9] - Basic earnings per share for the period was 1.94 cents, compared to a loss of 5.97 cents per share in the same period of 2018[9] - Total comprehensive income for the period was AU$2,751,000, compared to a loss of AU$4,845,000 in the prior year, reflecting a positive shift in financial performance[11] - The company reported a profit for the period of AU$2,700,000 for the six months ended June 30, 2019, compared to a loss of AU$5,301,000 in the previous period[15] - The company’s total comprehensive profit for the period was AU$2,751,000, compared to a total comprehensive loss of AU$4,845,000 in the previous period[15] Revenue and Income Sources - Other revenue increased to AU$48,000 from AU$4,000 in the previous year, showcasing growth in additional income streams[9] - Gold sales to external customers amounted to AU$19,436,000, while inter-segment sales were AU$2,835,000, leading to a total segment revenue of AU$22,271,000[115] - The total other revenue for the period was AU$48,000, which includes interest revenue of AU$41,000[115] Assets and Liabilities - Total assets increased to AU$69,066,000 as of June 30, 2019, up from AU$62,750,000 at December 31, 2018, representing an increase of 10.5%[13] - Total liabilities increased to AU$28,868,000 as of June 30, 2019, compared to AU$25,303,000 at December 31, 2018, marking an increase of 10.1%[13] - Total equity increased to AU$40,198,000 as of June 30, 2019, compared to AU$37,447,000 at December 31, 2018, reflecting a growth of 4.7%[13] - Non-current assets as of June 30, 2019, totaled AU$40,097,000, up from AU$37,368,000 at the end of 2018, reflecting a growth of approximately 7.3%[122] Cash Flow and Operating Activities - Net cash from operating activities was AU$1,173,000 for the six months ended June 30, 2019, compared to a net cash used of AU$3,176,000 in the same period of 2018[17] - Cash and cash equivalents at the end of the period were AU$8,458,000, significantly up from AU$2,926,000 at the end of June 30, 2018[17] - Current assets decreased to AU$28,969,000 from AU$25,381,000, with cash and cash equivalents at AU$8,458,000, down from AU$10,905,000[13] Exploration and Development - Management indicated ongoing exploration and development efforts, although specific figures for exploration expenditure were not detailed[9] - The company incurred payments for mineral exploration totaling AU$27,000 during the six months ended June 30, 2019[17] - Mineral exploration and evaluation costs totaled AU$6,251,000 for the period ending 30 Jun 2019, compared to AU$5,333,000 for the previous period, marking an increase of about 17.2%[81] Corporate Governance and Compliance - The financial statements are prepared in accordance with International Accounting Standard (IAS) 34 and the applicable disclosure requirements of the Hong Kong Stock Exchange[27] - The Company has complied with all code provisions of the Corporate Governance Code during the half-year period ended June 30, 2019[170] - The Audit and Risk Management Committee reviewed the interim results for the half-year period ended June 30, 2019, and the figures were agreed upon by the Company's Auditors, Ernst & Young[172] Operational Efficiency - The cost of sales for the six months ended June 30, 2019, was AU$16,943,000, a decrease of 22.5% compared to AU$21,917,000 for the same period in 2018[53] - The overall production cost net of inventory movements was AU$13,769,000 for the six months ended June 30, 2019, significantly lower than AU$20,535,000 in the same period of 2018, highlighting improved operational efficiency[53] - The depreciation of mine properties and equipment increased to AU$3,174,000 for the six months ended June 30, 2019, compared to AU$1,382,000 in the previous year, reflecting a significant rise in asset utilization[53] Shareholder Information - As of June 30, 2019, the total number of shares issued by the company was 138,840,613[155] - The company has a loan facility with AP Finance Limited for AU$12.0 million, with a repayment date extended to 31 December 2020[91] - The company has not declared any interim dividend for the six months ended June 30, 2019, consistent with the previous year[95] Safety and Production Metrics - The Vammala Plant produced 14,655 ounces of gold in concentrate for the half-year ending June 30, 2019, representing a 23.8% increase compared to the same period in 2018[187] - The average grade of ore processed at the Vammala Plant was 3.3 g/t gold, with a process recovery rate of 88.1%[190] - The total ore mined from the Jokisivu Gold Mine was 120,943 tonnes at an average grade of 2.9 g/t gold, resulting in a gold production of 10,270 ounces for the period[194]
龙资源(01712) - 2019 - 中期财报